WOOD Flash: OMV Petrom: 2030 Strategy – towards a lower carbon future
OMV Petrom announced a new strategy for 2030E yesterday (7 December), with the details of how it plans to prepare its business for a lower carbon future, while growing its profitability and increasing the distribution of dividends. The plan is split into managing the traditional legacy businesses and regional gas growth, of which the first step is the Neptun Deep project and investments in low and zero carbon businesses. In total, it expects to invest EUR 11.0bn between now and 2030E, of which EUR 3.7bn will be for the new businesses. During this time, OMV Petrom projects a doubling of the Clean EBIT compared to 2019. The updated details for the Neptun project now see OMV Petrom’s share as 4BCM of plateau production, 50BCM of recoverable reserves and a EUR 2.0bn investment. Management now plans to increase dividends by at least 5% each year, and may pay special dividends if the cash generation allows.
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